Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wanda-hotel-development-co-ltd" target="_blank" data-smartkarma-citation="entities:15233:1" rel="noopener">Wanda Hotel Development (169 HK)</a>, <a href="https://di.hkex.com.hk/di/NSForm2.aspx?fn=CS20241018E00444&amp;sa2=as&amp;sid=290&amp;corpn=Wanda+Hotel+Development+Co.+Ltd.&amp;sd=24%2f04%2f2024&amp;ed=24%2f04%2f2025&amp;cid=0&amp;sa1=cl&amp;scsd=24%2f04%2f2024&amp;sced=24%2f04%2f2025&amp;sc=169&amp;src=MAIN&amp;lang=EN&amp;g_lang=en&amp;" target="_blank" rel="noopener">65.05%</a> held by Wang Jianlin, is selling its hotel property arm to <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> and <a href="https://www.smartkarma.com/entities/trip-com-group-ltd-23a341d0-4f63-4175-a8c5-ee990906cacd" target="_blank" data-smartkarma-citation="entities:36424:1" rel="noopener">Trip.com (9961 HK)</a>-backed <a href="https://www.smartkarma.com/entities/tongcheng-travel-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27363:1" rel="noopener">Tongcheng Travel Holdings (780 HK)</a>.</li>
<li>Wang Jianlin's cash-strapped Dalian Wanda Group has been offloading assets such as the $8.3bn sale of its mall management business to a PAG-led consortium in March last year.</li>
<li>Wanda Hotel proposes distributing all or part of the proceeds from the sale. Given Wang's controlling shareholding, I'd tilt towards the former.</li>
</ul>



Wanda Hotel Development (169 HK), 65.05% held by Wang Jianlin, is selling its hotel property arm to Tencent (700 HK) and Trip.com (9961 HK)-backed Tongcheng Travel Holdings (780 HK).
Wang Jianlin's cash-strapped Dalian Wanda Group has been offloading assets such as the $8.3bn sale of its mall management business to a PAG-led consortium in March last year.
Wanda Hotel proposes distributing all or part of the proceeds from the sale. Given Wang's controlling shareholding, I'd tilt towards the former.


Wanda Hotel (169 HK) To Offload Hotel Management Arm

<ul>
<li>Negligible float, highly manipulatable, 150x+ forward earnings - yes, investors can afford NOT to have <a href="https://www.smartkarma.com/entities/gmo-internet-inc-919fd60b-ad2a-4c5f-b333-167a849b67b0" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">GMO Internet (4784 JP)</a> in their portfolio.</li>
<li>
<a href="https://www.smartkarma.com/entities/hongkong-land-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15465:1" rel="noopener">Hongkong Land (HKL SP)</a> stamps its "recycling capital" motto and sells nine floors of One Exchange Square to <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a> for HK$6.3bn (US$810mn).</li>
<li>
<a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>asks <a href="https://www.smartkarma.com/entities/minebea-mitsumi-inc" target="_blank" data-smartkarma-citation="entities:5032:1" rel="noopener">Minebea Mitsumi (6479 JP)</a> whether they intend to change the consideration terms. Minebea says it is "proceeding with its consideration". </li>
</ul>


Negligible float, highly manipulatable, 150x+ forward earnings - yes, investors can afford NOT to have GMO Internet (4784 JP) in their portfolio.

Hongkong Land (HKL SP) stamps its "recycling capital" motto and sells nine floors of One Exchange Square to HKEX (388 HK) for HK$6.3bn (US$810mn).

Shibaura Electronics (6957 JP)asks Minebea Mitsumi (6479 JP) whether they intend to change the consideration terms. Minebea says it is "proceeding with its consideration". 


Last Week in Event SPACE: GMO Internet, Hongkong Land, Shibaura Electronics, Millennium & Copthorne

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Wanda Commercial Management Group / Equity Capital Markets

<ul>
<li>Wanda Commercial Management Group (WCMG) is looking to raise up to US$4bn in its upcoming Hong Kong IPO.</li>
<li>WCMG is a commercial operation service provider. As of Oct 2021, the firm managed 398 malls with total gross floor area (GFA) under management of 56.5m sqm.</li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>


Wanda Commercial Management Group (WCMG) is looking to raise up to US$4bn in its upcoming Hong Kong IPO.
WCMG is a commercial operation service provider. As of Oct 2021, the firm managed 398 malls with total gross floor area (GFA) under management of 56.5m sqm.
In this note, we will talk about the not so positive aspects of the deal.


Wanda Commercial Management Pre-IPO - The Negatives - Parents Leverage Status Will Be an Overhang

<ul>
<li>Wanda Commercial Management Group (WCMG) is looking to raise up to US$4bn in its upcoming Hong Kong IPO.</li>
<li>WCMG is a commercial operation service provider. As of Oct 2021, the firm managed 398 malls with total gross floor area (GFA) under management of 56.5m sqm.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


Wanda Commercial Management Group (WCMG) is looking to raise up to US$4bn in its upcoming Hong Kong IPO.
WCMG is a commercial operation service provider. As of Oct 2021, the firm managed 398 malls with total gross floor area (GFA) under management of 56.5m sqm.
In this note, we will talk about the positive aspects of the deal.


Wanda Commercial Management Group Pre-IPO - The Positives - Aiming for One of HK's Largest 2022 IPOs

Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Equity Bottom-Up

<ul>
<li>The stock is cheapest among peers but will the new owners hang in? There clearly is a runway here for gain based on fundamental restructuring of the business model during bankruptcy hiatus. </li>
<li>Development deal in South Korea done, but eyes on Japan and Brazil. The company will need to give up more equity to financial partner than would be license competitors.</li>
<li>Many of its regional US legacy properties are dated, sitting in flat to slow growth markets.</li>
</ul>Slimming of the portfolio could be bullish to pile…


The stock is cheapest among peers but will the new owners hang in? There clearly is a runway here for gain based on fundamental restructuring of the business model during bankruptcy hiatus. 
Development deal in South Korea done, but eyes on Japan and Brazil. The company will need to give up more equity to financial partner than would be license competitors.
Many of its regional US legacy properties are dated, sitting in flat to slow growth markets.
Slimming of the portfolio could be bullish to pile…

Caesars Entertainment: Ex-Bankruptcy, the Stock Is Cheap, but Masks Risk: Asia Pivot Key

Hong Kong

Wanda Hotel Development Company Limited is an investment holding company. The Company focuses on property development, property leasing, property management and investment holdings activities. Wanda Hotel Development builds and holds hotels in cities worldwide.

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Wanda Hotel Development (169 HK)

Wanda Hotel (169 HK) To Offload Hotel Management Arm

Wanda Hotel is selling its hotel property arm to Tencent/Trip.com-backed Tongcheng. Wanda said it will distribute all or part of the proceeds....

David Blennerhassett

Last Week in Event SPACE: GMO Internet, Hongkong Land, Shibaura Electronics, Millennium & Copthorne

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Wanda Commercial Management Pre-IPO - The Negatives - Parents Leverage Status Will Be an Overhang

Wanda Commercial Management Group (WCMG) is looking to raise up to US$4bn in its upcoming Hong Kong IPO. In this note, we talk about the not so...

Sumeet Singh

Wanda Commercial Management Group Pre-IPO - The Positives - Aiming for One of HK's Largest 2022 IPOs

Wanda Commercial Management Group (WCMG) is looking to raise up to US$4bn in its upcoming Hong Kong IPO. In this note, we talk about the positive...

Sumeet Singh

Caesars Entertainment: Ex-Bankruptcy, the Stock Is Cheap, but Masks Risk: Asia Pivot Key

The stock is cheapest among peers but will the new owners hang in? There clearly is a runway here for gain based on fundamental restructuring of...

Howard J Klein

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